Kroger and Bitcoin Lightning? LN May Take Place of Visa in Kroger Establishments

Author: 
Dylan B
Date: 
March 05, 2019
Read time: 
2 minutes
Kroger
Bitcoin
Lightning Network

According to a tweet released by Morgan Creek Digital founder Anthony Pompliano, the major United States retailer Kroger may be deploying the Lightning Network in stores where they have decided to stop accepting Visa transactions.

According to a tweet released by Morgan Creek Digital founder Anthony Pompliano, the major United States retailer Kroger may be deploying the Lightning Network in stores where they have decided to stop accepting Visa transactions.

The announcement from Kroger, which was released on March 1, stated that all of their Smith’s Food and Drug stores will no longer be taking payments from Visa cards beginning April 3 due to the high fees that are associated with using visa as a retailer. The CFO of Kroger, Mike Schlotman, elaborated on this point, stating:

"Visa has been misusing its position and charging retailers excessive fees for a long time.”

Pompliano quickly swooped in after this announcement, asking for contacts for Kroger via Twitter and providing the Lightning Network as a viable alternative to Visa payments as it involved fewer fees and the ability to for individuals to pay with crypto. Pompliano released this tweet about the collaboration:

The Morgan Creek Digital team will fly to meet them [Kroger team] and get them hooked up with the Lightning Network nationwide.

The Kroger Digital project manager (Twitter handle @sophicNick) quickly reached out to the Morgan Creek Digital team and the two companies quickly made progress moving the negotiations and potential project forward.

Unsurprisingly, this is not the first time that Kroger has chosen to stop accepting Visa in one of its major chains. In 2018, the Foods Co. in California also decided to stop accepting Visa cards at their locations. With these two chains no longer accepting payments from Visa cardholders, there are now approximately 148 supermarkets and 108 gas stations around the U.S. that no longer cater to customers with Visa.

We expect to see more about the negotiations between the two companies as the story develops.

If you find yourself in a position like this where your local supermarket or gas station no longer accepts your Visa card, wouldn’t it be useful to know how you can acquire some of your own Bitcoin in order to pay for groceries or fuel? Fortunately, the process of acquiring your own digital currency is not difficult! To learn more about getting crypto, visit our guide on How to buy Bitcoin without fees so that you can start preparing for major developments like the one above.

 

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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